Peter Weinberg, chief executive of Goldman Sachs International and one of the most powerful bankers in Europe, has decided to return to the US later this year. His planned departure will create a vacancy in the investment bank´s top European post and has caused an unofficial succession race that will be closely watched.
Mr Weinberg wants to return to New York for family reasons, according to people close to the situation. He will not leave until an orderly handover is arranged. Goldman declined to comment.
The investment bank recently shifted some of its best performers into new roles as it reorganized several business lines. Last week, Goldman said it was merging its financing group with its investment banking division and making Jon Winkelried, joint chief of the fixed income, currency and commodities division, a co-head of investment banking alongside Scott Kapnick and John Weinberg.
Many coveted posts awarded recently have gone to people involved in the bank´s trading departments, which have generated the bulk of Goldman´s profit growth in the last few years. Contenders for Mr Weinberg´s position include senior executives from several of Goldman´s global operations.
The list includes three European members of its management committee: Michael Sherwood, a star of the FICC department who is close to Lloyd Blankfein, president and chief operating officer of Goldman Sachs; Richard Gnodde, a London-based vice-chairman of Goldman Sachs International who used to be head of Asia ex-Japan; and Mario Draghi, a former director-general of Italy´s Treasury who joined Goldman Sachs in 2002, and is also a vice-chairman of Goldman Sachs International.
Mr Weinberg, who oversaw a rapid expansion of the bank´s European operations, is expected to take a senior role on his return to New York. The Weinberg family has long played a prominent role at Goldman Sachs. Peter and John, co-head of investment banking, are related to another John, who was chairman of Goldman Sachs, as was John´s father Sidney. Peter started his investment-banking career at Morgan Stanley in 1983, in part to avoid any claims of nepotism. He joined Goldman Sachs in 1988.
Source: Financial Times